Category: Uncategorized

TC Energy Corp. says it had a net income of $963 million in the second quarter, up from $250 million in the same quarter last year.

Earnings worked out to 93 cents per share for the quarter ending June 30, up from 24 cents per share for the same quarter last year.

The increase in earnings was due in part to a significant loss on its Canadian natural gas pipeline segment last year.

Adjusted earnings came in at $978 million, down slightly from $981 million for the same quarter last year.

Revenues were $4.09 billion, up from $3.83 billion for the same quarter last year.

The company declared a dividend of 96 cents per common share, up from the 93 cents it declared last year.

This report by The Canadian Press was first published Aug. 1, 2024.

Thomson Reuters says its earnings slipped in the second quarter while revenue rose and it edged up its revenue outlook.

The media giant says it had earnings of US$841 million in its second quarter, down from US$894 million last year.

It says earnings worked out to US$1.86 per share, down from US$1.90 per share last year.

The company says revenues of US$1.74 billion were up from US$1.65 billion for the same quarter last year.

Thomson Reuters says its operating profit was US$415 million, down from US$825 million last year, with the decrease in part because of a gain last year from a business sale.

The company says it expects total revenue growth for the year of around seven per cent, up from an earlier forecast of 6.5 per cent.

This report by The Canadian Press was first published Aug. 1, 2024.

• Hamas political leader Ismail Haniyeh was assassinated in Tehran.
• Iran’s paramilitary Revolutionary Guard accused Israel of carrying out the assassination.
• Iran’s supreme leader Ayatollah Ali Khamenei said it is Iran’s duty to punish Israel for this action.

https://www.cnbc.com/2024/07/31/brent-tops-80-per-barrel-as-analyst-flags-phase-of-deterioration-in-the-middle-east.html

• Private payrolls increased by just 122,000 in July, the slowest pace since January and below the upwardly revised 155,000 in June and the estimate for 150,000, ADP reported.
• Wages for those who stayed in their jobs increased 4.8% from a year ago, the smallest increase since July 2021.

https://www.cnbc.com/2024/07/31/private-payroll-growth-slowed-to-122000-in-july-less-than-expected-adp-says.html

 Fortis Inc. says it earned $331 million in its second quarter as it saw strength in its Arizona business and benefited from new customer rates at Tucson Electric Power.

The St. John’s, N.L.-based gas and electric utility company says the profit compared with $294 million in the same quarter a year ago.

The profit for the period ended June 30 amounted to 67 cents per share, up from 61 cents a year earlier.

Fortis says its adjusted net earnings amounted to 67 cents per share, up from 62 cents per share in the second quarter of 2023.

Revenue for the quarter reached $2.6 billion compared with $2.5 bullion a year earlier.

Its capital expenditures hit $1.1 billion in the quarter compared with about $1 billion a year prior.

This report by The Canadian Press was first published July 31, 2024.

Companies in this story: (TSX:FTS)

Canadian Pacific Kansas City Ltd.CP-T -0.26%decrease is reporting a bump in revenues and shipment volumes in its second quarter, even as profits dropped amid higher costs.

The railroad operator says net income fell 32 per cent to $903-million in the three months ended June 30 from $1.33-billion in the same period a year earlier.

CPKC says total revenues jumped 14 per cent to $3.60 billion from $3.17-billion, while operating expenses rose nearly five per cent to $2.34-billion.

The Calgary-based company says core adjusted combined diluted earnings increased 27 per cent last quarter to $1.05 per share from 83 cents per share the year before.

Meanwhile, freight volumes nudged up by more than one per cent year-over-year to nearly 1.09 million carloads.

Keith Creel, who heads the company that merged its operations with Kansas City Southern in April, 2023, says CPKC is on track to deliver on its financial forecast for the year.

Cameco Corp. CCO-T says its second quarter brought net earnings of $36-million, reflecting strength in its uranium business.

The Saskatoon-based mining firm says its net earnings attributable to equity holders compared with $14 million a year earlier.

The results for the period ended June 30 amounted to earnings of eight cents per basic shared compared with three cents a year earlier.

Revenue totalled $598 million, up from $482 million a year ago.

Cameco says the results reflect revenues of $481 million from its uranium business and $118 million stemming from its fuel services.

However, they also include a $47 million net loss for Westinghouse Electric Co., one of the world’s largest nuclear services businesses that Cameco and Brookfield Renewable Partners purchased last year.

Canada’s gross domestic product increased by 0.2 per cent in May, exceeding market expectations thanks in part to gains in the manufacturing sector, and the economy likely expanded at a 2.2 per cent annualized rate in the second quarter, data showed on Wednesday.

Analysts polled by Reuters had forecast GDP growth of 0.1 per cent in the month, after the 0.3 per cent rise in April.

In a preliminary estimate, GDP was likely up by 0.1 per cent in June, helped by increases in the construction, real estate, rental and leasing, as well as finance and insurance sectors, Statistics Canada said.

That estimate translates to a 2.2 per cent annualized growth rate for the second quarter, faster than the Bank of Canada’s 1.5 per cent forecast for the three months ended in June.

The growth rate was 1.7 per cent in the first quarter.

The central bank lowered its benchmark rate for a second straight month last week, and indicated its focus was shifting to boosting the economy. The bank expects growth to pick up in the second half of 2024, led by stronger exports and a recovery in household spending as borrowing costs ease.

The Canadian dollar firmed after the GDP numbers were released with the loonie trading up 0.22 per cent to 1.3817 against the U.S. dollar, or 72.37 U.S. cents.

Money markets are betting an almost 85 per cent chance of another 25 basis point rate cut at the bank’s next monetary policy decision announcement on Sept. 4, up from 60 per cent a week ago, but lower from around 92 per cent seen on Tuesday.

Growth in May was led by the manufacturing sector, which posted its largest gain since January 2023, and the educational services, health care and social assistance and public administration.

The opening of the expanded per cent pipeline in May also contributed to the growth, helping the pipeline transportation sector post a 0.6 per cent gain in the month, Statscan said.

Gains were partially offset by contractions in the retail trade, wholesale trade as well as mining, quarrying and oil and gas extraction sectors.

The mining, quarrying and oil and gas extraction sector was weighed down mainly by the oil and gas extraction, which declined partially due to maintenance at some facilities in northern Alberta.

Overall, 15 of 20 sectors expanded in May, with Canada’s goods-producing sector, which accounts for a quarter of the total GDP, gaining 0.4 per cent and the services sector posting a 0.1 per cent increase.

Wednesday’s monthly GDP report is based on Canada’s industrial output while quarterly figures, which will be released next month, are based on an alternate calculation and can differ.

CGI Inc. GIB-A-T +0.60%increase recorded net earnings of $440.1 million in its third quarter.

The Montreal-based technology and business consulting firm says the net earnings for the period ended June 30 compared with $414.9 million a year prior.

Those earnings amounted to $1.94 per basic share, compared with $1.78 a year ago.

The company’s revenue totalled $3.67 billion in the third quarter, up from $3.62 billion a year ago.

CGI also used its results to reveal it will pay a quarterly cash dividend of 15 cents per share.

The results and dividend news come a day after a U.S. subsidiary of CGI announced it will acquire tech business Aeyon, which has done artificial intelligence, data management and analytics work for the American government.

CGI Federal Inc. did not release the terms or value of the deal, but says it is expected to close in the fourth quarter of its 2024 fiscal year.